j. p. morgan and other banks. second, use j. p. morgan as well as bank of new york melon and other banks for clearing services. third j. p. morgan served as administrative agent for two committed revolving credit facilities. one consisting of 22 and one of ten banks that mf global put in place. finally mf global entered security lending and repurchase agreements with j. p. morgan. these arrangements served as a financing tool for mf global. as noted in my written statement we worked hard with our client when it began experiencing problems. these efforts which would in turn benefit mf global's customers included several actions. we sent the j. p. morgan team to the offices from renacci to assist with its ongoing efforts to unwind its securities lending arrangements. by doing so mf global was able to regain access to the securities it posted as collateral and sell those securities to generate additional liquidity. j. p. morgan also facilitated and auction of a portfolio of $4.9 billion in securities held by mf global involving multipl

j. p. morgan raised its dividend, a nounlsed big stock buybacks, are we going to see other banks doing the same? >> you belt. we already have seen some. just this afternoon later on we saw wells farg oh, a big dividend increase, above expectations, u.s. banks, good dividend increase for the share we purchased. american express discovered in share repurchase well pof expectations, so those banks and the strong nest the country have done very well on this test and are rae to help shareholders out with some capital. >> susie: you know, banks have been on the very bottom, bottom of people's recommendations. is that going to change? is this a time for investors to take a fresh look at investing in banks? >> i think it is, because one of the key problems with the banks is that there's been no dividend yield. investors in this interest rate environment have been looking for yeels, they like high skault namess above 3% dividend yields and suddenly we're going to get some in the banking industry, especiall

j. p. morgan chase earlier than expected that they pass the fed stress test. -- i would say a quarter of it is due to that. i thought this morning i would have to say our futures you are down because we had such an amazing rally yesterday, the best rally of the year. but i get to tell you that stocks are up. the momentum from yesterday is continuing into today. we also got retail sales numbers. >> i was just going to ask you. retail sales definitely factored in that, right? >> it was a bunch of different things. the u.s. economic datt as pretty good and yesterday was a big beneficiary of that. >> and in the washington region, we just ran a story that the housing market continues tomorrow prove. >>> we talked about the banks being put to the test. how would they respond to a very harsh economic downturn, hypothetical, of course. that was sort of the test.

j. p. morgan chase. we want to thank our host sponsor, pacific gas and electric. dignity howff, kaiser permanente . thank you to all of our sponsors. i am supposed to wait six seconds so everyone can read this list. have we screamed through that? it is quite a long period -- quite long. united airlines, union bank, and our media sponsors, the san francisco examiner and hers media services -- hearst media sponsors. thank you very much. i could not do it without you, so today we celebrate the successes this chamber has accomplished and the promise of greater successes ahead with our team this morning of prosperity, business, labour, and government united, because that is the key to making the city viable and sustainable, and with our new mayor across more business- friendly, economic-friendly, we are all working together to a common goal with sharon priorities, and that is truly a formula for prosperity and improving the well-being of all san franciscans. the 2012 city beat poll survey of san francisco voters found that some franciscans are very optimistic about the

j. p. morgan funds. >> tom: a mixed picture on the housing market today-- builders broke ground on fewer homes last month. february housing starts fell just over 1%, while january's starts were revised upward. but builders are optimistic about the future, pulling more permits for new construction. permits rose over 5% in february to their highest level since the height of the financial crisis. and real estate web site zillow is tracking 30-year mortgages. it shows they're up again for the second week in a row, rising to 3.97%. that's up from 3.74% last week. >> susie: while apple's finally offering a dividend, it won't be bringing cash back from overseas to pay for it. the tech titan has over $64 billion stashed overseas, but bringing that money back home would have steep tax consequences. so, apple and a growing number of firms are asking for tax relief, arguing it would quickly help the u.s. economy. erika miller takes a closer look at whether a tax holiday would really provide an economic boost

j. p. morgan two hundred million dollars to its largest creditor i talked about this the too big to fail angle but your writers. there is the too big to fail thread there is john core as i knew was the head of goldman sachs as you pointed out very politically connected that is c a t c one of the regulators also former goldman sachs the largest creditor j.p. morgan my question to you has too big to fail allowed or created a corollary which is too small to succeed which means if you're a small firm a small investor not as politically connected not a systemically important institution or for that you're just simply too small to succeed. no no no mr putin you're smart or if you're smart and play by the rules and knew where i was then you can make best successes in america in the world not just in america nearly everywhere in the world no no no that no worry about that as long as you play brother rules and if you're smart and there was a great success i don't know mr rogers not everyone is this smart i

j. p. morgan two hundred million dollars to its largest creditor i talked about this that too big to fail angle but jen rogers there is the too big to fail thread there is john corazon you is the head of goldman sachs as you pointed out very politically connected that is see if he see one of the regulators also former goldman sachs the largest creditor j.p. morgan my question to you has too big to fail allowed created a corollary which is to small to succeed which means if you're a small firm a small investor not as politically connected not as systemically important institution or firm but you're just simply too small to sixty. if you are small or those of our play by the rules do or are as the you can make the best successes in america in the world not just in america but nearly everywhere in the world to go to war you play by the rules and if you're smart and it was a great success i don't know mr rogers not everyone is as smart as you and when i hear a lot of small firms are being crippled by

j. p. morgan chase, wells fargo and allied financial. the banks will be required to restructure loans and lower balances for about one million home owners but the association of mortgage investors is promising a challenge in court. >>> an unusual crime wave in our junior and all across the country. police are cracking down on laundry detergent thieves. total care liquid tide is flying offer the shovels especially the bigger sizes, 100 and 150-ounce jugs that can retail for $20 and be sold on the black market for five to 10 bucks. some stores are either putting the detergent benefit be hind the counter or locking it up. >> we have come to this. it is laundry detergent. >> i guess anything with value. >> and it is expensive. if you wash clothes a lot, $20 that is a lot. >>> we'll have i look at where the number stand this morning coming up for the gas prices. >> while we don't line to see gas prices go up one bit, the temperature, that is another story. spring is just one week from today officially anyway. it sure feels like it though. we'